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FBD Holdings plc. 2006 Preliminary Results. 7 th March 2007. A. 2006 Preliminary Results. Forward Looking Statements.

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FBD Holdings plc

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Fbd holdings plc

FBD Holdings plc

2006 Preliminary Results

7th March 2007

A.


Forward looking statements

2006 Preliminary Results

Forward Looking Statements

This presentation contains certain forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking information involves risks and uncertainties that could affect expected results


Fbd holdings plc1

2006 Preliminary Results

FBD Holdings plc


Fbd holdings plc2

2006 Preliminary Results

FBD Holdings plc………

………. Founded in 1970

………. Stock Exchange, 1989

………. Insurance Underwriting (Property/Casualty)

………. Leisure/Property Development

………. Financial Services

……… “TSR” 55% p.a., last 5 years.

………. Shareholders, customers, staff.

………. Maximising shareholder value.

  • Indigenous Irish company

  • Primary Business

  • Other Interests

  • Excellent growth record

  • Committed to

  • Key Business Driver


Fbd holdings plc

2006 Preliminary Results

  • Mission Statement

    “In our target markets, to be the leading customer focused insurance group, delivering long term sustainable value.”


Operational highlights

2006 Preliminary Results

Operational Highlights

Group

  • Net assets per share grew by 13.9% to 1,424.76c

    Underwriting

  • Strong new business volumes more than offset reduced premium rates.

  • Policy count at year end up 11.8% on December 2005.

  • Branch network enhanced. Dublin personal lines unit grown.

  • Continued growth in Dublin market.

  • Increased investment in infrastructure and people

    - VOIP/Business Support Centre – (Mullingar)

    - Workflow systems enhancing efficiency

    - New off-site IT availability for resilience/flexibility


Operational highlights contd

2006 Preliminary Results

Operational Highlights (contd)

Non-Underwriting – Leisure/Property Development

La Cala

  • €201m land sale agreed, February 2006.

    • €100m (Tranche 1) initial consideration, received, June 2006.

    • €21m (Tranche 1 balance) payable on 30th June 2007.

    • €80m (Tranche 2) payable when Regional planning approval received ……anticipated early 2008

    • €55m profit – after tax (Tranche 1) recognised in 2006.

      Sunset

  • Visitor numbers up – improved trading.

    Tower

  • Visitor numbers up – improved trading.


Operational highlights contd1

2006 Preliminary Results

Operational Highlights (contd)

Non Underwriting:

Financial Services

FBD Life

  • Improved trading

    FBD Brokers

  • Maintained performance

    Capital Fund

  • Excellent returns

………. Growth opportunities availed of

………. Premium reductions.

……….Benefiting from strong equity

markets.


Operational highlights contd2

2006 Preliminary Results

Operational Highlights (contd)

Corporate

  • Farmer Business Developments plc share placing.

    • 4.5m shares (11.6% of issued capital).

    • Shareholding moves from 34% to 24.4%.

    • FBD buys 3.8m shares for €129m….. Shares cancelled.

    • Free float moves to 67%.

  • La Cala Dividend.

    • €1.60 Special Dividend in August in relation to Tranche 1 land


Operational highlights contd3

2006 Preliminary Results

Operational Highlights (contd)


Operational highlights contd4

2006 Preliminary Results

Operational Highlights (contd)


Income statement

2006 Preliminary Results

Income Statement


Income statement contd

2006 Preliminary Results

Income Statement (contd)


Income statement contd1

2006 Preliminary Results

Income Statement (contd)


Balance sheet assets

2006 Preliminary Results

Balance Sheet - Assets


Balance sheet liabilities

2006 Preliminary Results

Balance Sheet - Liabilities


Reconciliation of movement in shareholders funds

2006 Preliminary Results

Reconciliation of Movement in Shareholders’ Funds


Cash flow statement

2006 Preliminary Results

Cash Flow Statement


Return on equity

2006 Preliminary Results

Return on Equity


Gross claims run off

2006 Preliminary Results

Gross Claims Run-Off


Market share gross written premium 2006 provisional

2006 Preliminary Results

Market Share Gross Written Premium – (2006, provisional)

Total Market 2006 - €3,840m: 2005 - €3,841m: 2004 - €3,957m : 2003 - €4,239m: 2002 - €3,955m

FBD Premium 2006 - €407m: 2005 - €389m: 2004 - €351m: 2003 - €369m: 2002 - €326m


Outlook

2006 Preliminary Results

Outlook

Group

  • Confident that successful development will continue.

    Underwriting

  • Intense price competition and discounting to continue…. eroding margins.

  • Further ongoing claims costs savings from existing and new “reform” initiatives required to delay convergence of Irish & European Combined Ratios.

  • FBD – targeting strong new business volumes.

    – focusing on growing efficiently, sustainability and profitably.

  • – investing further in people and business infrastructure to achieve our

    growth plans.

  • – Reserving policy………under ongoing review.


Outlook contd

2006 Preliminary Results

Outlook (contd)

Non-Underwriting

  • Leisure/Property Development

    • Businesses on course to deliver satisfactory performances.

    • Disposal of development land at La Cala confirms ongoing commercial assessment of all businesses.

  • Financial Services

    • Opportunities for further growth in Life/Investment product sales to continue.

    • Falling premium levels will continue to impact insurance broking revenue growth.

  • Capital Fund

    • Positive outlook for Stock Markets.


Outlook contd1

2006 Preliminary Results

OUTLOOK…Contd.

Capital

  • Capital efficiency is fundamental principle applied in all businesses.

  • Proactive approach to capital management confirmed; €265m repatriated since March 2005.

  • Dividend payout to continue to increase.

  • Utilisation of capital to maximum benefit of shareholders determined in context of development strategies which Group pursues.

  • Ongoing attention to use of capital.

  • ……. Meanwhile, prudent investment.


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